Oil FuturesUpdated WTI: Bears Are Outnumbering Bulls
WTI has been forming a flat A-B-C correction.
According to Elliott's wave projection, the oil future looks bearish.
Oil Future has accomplished wave A at 193.17, and sub-wave (c) of wave ((B)) is creating an ending diagonal.
The ending diagonal is a formation of five waves. WTI is to occur in wave 5 of an ending diagonal.
If you are a safe trader, you can trade after the breakdown of wave 4 at 110. Your target will be 105-99-93.
Aggressive traders can sell when the price falls below 119.
If it goes above the parallel channel, wait for levels to appear.
Thank you
Money_Dictators
According to Elliott's wave projection, the oil future looks bearish.
Oil Future has accomplished wave A at 193.17, and sub-wave (c) of wave ((B)) is creating an ending diagonal.
The ending diagonal is a formation of five waves. WTI is to occur in wave 5 of an ending diagonal.
If you are a safe trader, you can trade after the breakdown of wave 4 at 110. Your target will be 105-99-93.
Aggressive traders can sell when the price falls below 119.
If it goes above the parallel channel, wait for levels to appear.
Thank you
Money_Dictators
Trade closed: target reached
Target ReachedNote
I am back with my work :)
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.